Blockchain: In consortia & corporates we trust?

Is Blockchain a hype
or a (the next) big thing? Many discussions, meet-ups and events are filled
with speakers and worksession on solving this question. Let me help you on this
item and introduce a bigger question related to Distributed Ledger Technology
(DLT).If you ask me Blockchain is both, hype and a technology that we can use
to gain many benefits from it. That is what we have seen with previous
technology developments and that is what we will see in the (near) future as
well.

Curing the hype

If people do not
understand the real potential of a technology there will be created a buzz of
hype. This can be on several levels, for example on a conceptual phase where
people think about what concept can we think about and how does this fit in our
strategy? On the other hand this can be on a technical level where people do
not have clear vision on to what extend a certain technology can help them
improve. In this phase of Blockchain technology people are under- and
overestimating of the potential of the DLT. What we need besides time is:
common sense, research and experimentation which are most of the time the cure
for this.

“The blockchain was born as the digital
scaffolding for cryptocurrency transactions. When devising bitcoin,
pseudonymous inventor Satoshi Nakamoto’s aim was to create a stateless virtual
currency, not controlled by any bank or government.”

If you ask me, it is
good that there is the possibilities to connect with people on a P2P (Peer to
Peer) basis to do transactions with. Over the past years we have ‘trusted’
parties with our money (banks), our insurance policies (insurance companies)
our transactions (Notary) and other state related business (government on
several levels). No or less involvement of these third parties can make lifes
easier, more honest and realize more productivity. In special the last one of
the most important benefits of what Blockchain technology could bring us. This
movement can be increased in speed if these same parties facilitate this
instead of (over)regulating it.

Trust transition: from the one institution to the
other

But aren’t we forgetting one thing? Why are we so keen on getting away from banks, insurance companies and government institutions? The most commonly answer is: “I do not trust them” Fair enough. But do you trust technology? And more important the organizations who use this technology?

When we talk about
corporate application of Blockchain they will mainly be in private and
consortia Blockchains. Have you ever thought on who builds the chain, maintains
it and is in charge of orchestrating the roles & rights in these
environments. Based on what criteria these elements are provided by the
authority of whom?

Blockchain is not
the same as digital trust. Offcourse technology can enable and facilitate this
partly. But if you do any form of business with an organization you also need
to trust the Blockchain they (privatly) build or the consortia they are part of.

In whom we trust?

And
this is exactly where I think we are missing a very big point. Stop shouting
that you do not trust banks and governments. When using Blockchain related
services you are also trusting parties that you most of the time do not trust.
You are also trusting the way they give people and other parties rights and
roles within the Blockchain ecosystem.
So before getting trustless towards the current instutions, be consious
on who owns your trust in the future…